Australia’s Orica is to buy Cyanco from an affiliate of Cerberus Capital Management for $640 million, 7.5x 2023 EBITDA, on a cash-free, debt-free enterprise value basis. This will be funded by existing cash and undrawn committed debt facilities, plus an A$400 million underwritten institutional placement.

Synergies of about $100 million are expected three years after completion. This is expected to be at the end of the 2024 financial year, subject to the expiration of certain regulatory waiting periods and other customary closing conditions.

Perstorp has officially inaugurated its ISCC Plus-certified Penta chemicals plant in at Sayakha in Gujarat state, India. Covering 115,000 m2 and employing 120, this will add 40,000 tonnes/year of pentaerythritol and 26,000 tonnes/year of calcium formate, while reducing lead times in Asia by about 50%. The product mix will include the renewable grade Voxtar, which is based on a traceable mass-balance concept and is chemically identical to Penta, which Perstorp already produces in Sweden, Germany and the US.

Texas-based SI Group has concluded a long-term supply partnership with Liaoning Dingjide Petrochemical of Shanghai, a manufacturer of additives and other speciality chemicals. Dingjide will manufacture certain unnamed SI antioxidant products at its site and SI will consequently close its operations at Jinshan on 31 July and is now seeking a buyer immediately.

TiO2 producer Venator Materials has completed a strategic review following its emergence from Chapter 11 bankruptcy in October and intends to implement a transformation plan, which has the support of its new shareholders.

The BCMPA has announced that Rodney Steel, its former CEO, has died following a short illness. A well-known figure across the contract manufacturing, packing and logistics sectors in the UK, Steel had led the BCMPA since 2003 until his retirement in June 2023.

Stephen Ottley, head of chemicals & energy at SGS Maine Pointe, outlines ways chemical companies can deal with the current uncertainty

The chemical industry is part of every major segment of the US economy and makes up more than 25% of US GPD. When the chemical industry struggles, the economy feels the vibration—and when the economy struggles, the chemical industry reacts. The last 18 months have seen tremendous shifts.

Sensegen, a US-based specialist in biotech-enabled fragrances, notably a new class of natural musk raw materials, has announced a strategic collaboration with Japan’s Takasago, a large player in the flavours and fragrances industry. Commercial terms were not disclosed.

The two companies stated that they are “joining forces to yield a fusion of creativity and technical prowess, promising to redefine the landscape of olfactory experiences”. The global market for natural fragrance is projected to grow at a CAGR of 12.7% between 2022 and 2030, reaching $8.5 billion in 2030.